As a result of the COVID-19 pandemic, many IRS revenue agents are retiring. This, coupled with the influx of newly hired revenue agents (coming with the expansion of the IRS budget from the Inflation Reduction Act), leads to one significant result for business owners: If you are audited by IRS,… [Read more]
Have You Been the Target of a Criminal Investigation?
If you are the target of a criminal investigation or if you suspect that you may be under internal investigation, you must speak with a skilled San Diego tax attorney at Milikowsky Tax Law. Common Types of Federal Tax Crimes The law enforcement branch of the IRS is the IRS… [Read more]
IRS Audits Explained for Small Business Owners
As a small business owner, you may be wondering what the process is for an IRS audit. An IRS audit is when IRS reviews your tax return to ensure that you have reported your income and expenses correctly. The founder of Milikowsky Tax Law, John Milikowsky, breaks down the process… [Read more]
Can IRS Summon Your Bank Records?
The Internal Revenue Service (IRS) has the power to investigate the finances of a taxpayer if they believe the taxpayer is withholding assets. One tool IRS uses to do this is a bank summons, which is a legal document that requires your bank to provide your bank statements, account balance,… [Read more]
IRS Audits and the Impact from the Budget Reconciliation Bill Explained
On Sunday, August 7th of 2022, the Senate passed the Budget Reconciliation Bill, or the Inflation Reduction Act, which includes nearly $80 billion in funding for IRS. More than half of the funding is set for enforcement. IRS aims to collect more from corporate and high-net-worth tax dodgers. What will… [Read more]
How To Read an IRS Revenue Agent Report
If you’ve been through an IRS audit, you know that one of the most important documents you receive at the end is the Revenue Agent Report (RAR). However, many taxpayers may not know where to start when it comes to reading their Revenue Agent Report. John Milikowsky, the founder of… [Read more]
What to do if IRS Audits Your Business
Business owners may not be sure where to start if IRS audits their company. However, an IRS audit doesn’t have to feel stressful or disorganized. In this article, we’ll discuss a set of steps business owners can take if they find out they are being audited by IRS. Familiarize Yourself… [Read more]
IRS Audits: Your Ultimate Guide
IRS audits can be a business owners’ worst nightmare: the hassle, the heaps of paperwork, the potentially hefty bill. However, with the right preparation and resources, an IRS audit doesn’t have to be a stressful event. Read on for our ultimate guide to IRS audits. We answer all the most… [Read more]
5 Misconceptions of Independent Contractors
New classification guidelines between W-2 employees and 1099 independent contractors place stricter rules for businesses looking to hire. Common misconceptions about independent contractors can lead to businesses misclassifying workers and paying high penalties and fines. Avoid these consequences by understanding the regulations your business must follow when hiring independent contractors. Let’s… [Read more]
How to Respond to an IRS Audit in 2022: Part 3
In the final part of our three-part series “how to respond to an IRS audit in 2022,” we’re focusing on the actual response to Internal Revenue Service (IRS). Watch the video below to learn more from Milikowsky Tax Law’s Founder and Managing Attorney, John Milikowsky, as he explains how to… [Read more]
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